与之前周期的比较

I'd lean towards distinctly different. While the price action might echo some past cycles, the sheer volume of institutional money and the accessibility for retail investors now is on another level. That changes the dynamics significantly.

It's a mix, honestly. The human psychology behind the accumulation and distribution phases hasn't changed much, but institutionals do add a layer of stability and, perhaps, dampen volatility in certain phases. The 64k grind feels like classic reaccumulation to me.